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Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
What are the limitations of control accounts?
1- control accounts lack details as it's only a summary account. 2- six invisible errors that cannot be identified may be present in the control accounts. 3- control accounts may themselves contain errors. 4- some errors may be carried forward from the ledger accounts to the control accounts such as the compensating errors and complete reversal of entries,etc.
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
How do you establish which cardholder accounts a specific amount validation control (avc) applies to?
How do you establish which cardholder accounts a specific accounting validation control (AVC) applies to
Do control accounts get in the trial balance?
Control accounts cannot get into a trial balance because that would be tantamount to double entering the figures though individual accounts and then throuhg the trial control accounts.
Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
Demerits of public corporation?
limited autonomydifficulty in making changesmisuse of powersinefficientlack of interestgovernment control
What are the limitations of control accounts?
1- control accounts lack details as it's only a summary account. 2- six invisible errors that cannot be identified may be present in the control accounts. 3- control accounts may themselves contain errors. 4- some errors may be carried forward from the ledger accounts to the control accounts such as the compensating errors and complete reversal of entries,etc.
How do you get on the show parental control?
Parental control can be enabled or disabled in the User Accounts. The user accounts are present in the Control Panel of the windows.
What are the elements of a Control Account?
Control accounts typically include a summary of related sub-ledger accounts, such as accounts receivable or accounts payable. They help to monitor and control the transactions within those sub-ledger accounts. Control accounts provide a high-level overview of the financial position and activity within a specific area of the business.
Merits and demerits of multipurpose project of dams?
One of the merits of multipurpose project of dams include source of energy and control over flooding. Demerits, on the other hand, include cost and potential outbreak.
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
What are the limitations of control?
1- control accounts lack details as it's only a summary account. 2- six invisible errors that cannot be identified may be present in the control accounts. 3- control accounts may themselves contain errors. 4- some errors may be carried forward from the ledger accounts to the control accounts such as the compensating errors and complete reversal of entries,etc.
Explain the merits and demerits of advertising as an aid to trade?
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What are the merits and demerits of export?
demerits of exports
